The Company confirms that it continues the process of finalising arrangements for an equity issue to raise £100 million. The Company is pleased by the level of interest shown by investors during pre-marketing last week, with indications of interest in excess of three times the size of the proposed capital raising.

The rights issue was meant to begin last Friday, but was thrown into confusion - first by a technical fault but then by rumours sweeping the City about chairman Sir David Jones. As we reported last night, JJB has now handed a dossier to the Financial Services Authority detailing these "pernicious" allegations, which it believes were planted in an attempt to sink the rights issue.

"The Board has now concluded its investigation and found these rumours to be totally unfounded. The Board is very concerned by the timing and concerted nature of these rumours and has passed on full details, with the results of its investigation, to the relevant regulatory authorities."

That particular search is not proceeding well, with the latest 'front-running' candidate withdrawing his hat from the ring. This time Sir Michael Bishop, the airline entrepreneur and former chairman of Channel 4, has ruled himself out as a candidate - despite the weekend papers suggesting he was on the verge of being appointed. ITV, though, is undaunted:

Sir Crispin Davis and Sir Michael Bishop have both recently confirmed to the Nominations Committee of the Board that they are not candidates. The Committee has revised its shortlist accordingly and is continuing its search with all due speed.

"The primary reason for this [drop in profitability] was the expansion of our headcount during 2007/8 in anticipation of higher revenue growth which did not materialise due to the subsequent economic slowdown. In simple terms we let our cost base get ahead of our income."

And mining giant Xstrata has sold its 70% stake in a copper-gold mine in Chile for $465m.